Spending Review: Comment From Simply Business

Some commentary generally on the Spending Review, Julie Fisher, UK CEO at Simply Business;

“The Chancellor’s Spending Review demonstrates that the government recognises small businesses as genuine partners in rebuilding our economy. After months of mounting pressures, today’s announcement offers hope for SMEs that growth ambitions are being matched with practical action.

“The investments in tech and commitments on funding will help create better conditions for small businesses to plan, innovate, and ultimately grow – creating jobs across Britain in the process. While the Spending Review represents a promising step forward it’s essential that the government continue to consider further ways to empower our SME community.”

Commenting on the increased financial capacity of British Business Bank, Julie Fisher, UK CEO at Simply Business said:

“Small businesses across the UK are set to benefit from improved access to finance through an enhanced British Business Bank, with increased finance capacity to £25.6 billion designed to help British entrepreneurs grow.

“This announcement addresses one of the most persistent challenges facing small businesses. Our recent survey of 1,000 Simply Business customers found that 15% of small business owners believe easier access to funding and grants was the most important action the government could take to better support SMEs. By increasing the Bank’s finance capacity, the government is creating more pathways for entrepreneurs to secure the funding they need.

“For British entrepreneurs, this represents a vote of confidence in their potential to drive economic growth. The UK’s future prosperity depends on the strength of its entrepreneurial backbone – today’s decision is a step in the right direction.”

Commenting on the £1.2 billion commitment to training and apprenticeship funding for young people, Julie Fisher, UK CEO at Simply Business, said:

“The government’s commitment of £1.2 billion for training and apprenticeships represents a significant investment in the partnership between youth ambition and business growth.

“For young people, it provides structured pathways into careers with hands-on experience and recognised qualifications.

“For small businesses, it offers access to motivated individuals while sharing training costs through government support. The expanded training opportunities are an important step to addressing the skills gaps that many small businesses face.

“The key will be ensuring that the £1.2 billion investment reaches the businesses willing to train young people – often the small and medium enterprises that form the backbone of local communities.

“Our research with the Federation of Small Businesses reveals a powerful opportunity: 58% of young people want to start their own businesses. Yet while ambition runs high, only 16% succeed in doing so. Today’s announcement must serve young people seeking to forge their own path, gain economic independence, and create value on their own terms to fuel the engine room of our economy.”